Destiny Media Announces Q1 Results

Net Income Strengthens Over Prior Year

VANCOUVER, Jan. 15, 2013 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCBB: DSNY) is pleased to announce Q1 results which cover the period September 1 - November 30th, 2012. Total revenue of $1,063,867 was up 13% from the prior quarter reflecting the seasonality of the Play MPE® media delivery service but down 5% from the prior year due in part to unfavorable exchange rates and slightly reduced record label activity in North America. Net income increased to $160,050 from $12,555 in 2012 as litigation costs were virtually eliminated. Total expenses of $859,483 were down 23% from the prior year, reflecting a 60% decline in G&A expenditures.

2012

2011

$

$

Service revenue

1,063,867

1,124,617

Operating expenses

General and administrative

191,257

477,878

Sales and marketing

240,218

198,873

Research and development

400,352

418,114

Depreciation and amortization

27,656

14,375

859,483

1,109,240

Income from operations

204,384

15,377

Other income (expenses)

Interest income

20,666

2,812

Interest and other expense

-

(634)

Income before provision for income taxes

225,050

17,555

Deferred income tax recovery (expense)

(65,000)

(5,000)

Net income

160,050

12,555

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

(5,516)

(54,606)

Other comprehensive income (loss)

154,534

(42,051)

Net income per common share, basic and diluted

0.00

0.00

>

About Destiny Media Technologies, Inc.Universal, EMI, Warner, Sony and one thousand other labels use Destiny's secure distribution service to deliver most of their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP. Destiny's instant play streaming includes internet radio, internet TV, online surveys and new cloud and mobile offerings. Patents include watermarking, peer to peer locking and pending cross platform playerless streaming video.